The Meander Valley Council has opened an expressions of interest process to determine the future of the former Meander Primary School.
Mayor Wayne Johnston said councillors and staff had been working with the community to determine future management scenarios for the property that would be self-sustaining and broadly supported.
Two community consultation sessions have been held to date.
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Cr Johnston said the council would next year form a shortlist of proposals that aligned with community aspirations and expectations.
"For many Meander residents, the former school has played an important role in their lives so it is important that anyone who submits and EOI is prepared to listen and consult with the community," he said.
"It is hoped we can explore all the possibilities together and find a solution that will benefit our community into the future."
There will be another community consultation in February where proposals will be able to be pitched to community members.
Nominations for the shortlist will close on January 10.
Expressions of interest will close on February 16.
There were plans up until last year for the school to be transformed into a drug and alcohol rehabilitation centre which caused community division.
The proposal by faith-based organisation Teen Challenge received planning approval from the council in 2016, but stalled due to challenges before the state's planning tribunal and the Supreme Court.
The council decided to end its lease arrangement with Teen Challenge in December.
An expressions of interest information pack is available on the council's website.
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